re: where to from here...ian? Badfish,Depends what you mean by...

re: where to from here...ian? Badfish,

Depends what you mean by short-medium term.

In the next 9 months, I think we'll see the company's spare cash soaked up by their drilling and pipeline program.

Right now, they get about $20K a day in net free cash flow. Once Worrior gets online with trucks, double that.

$40K a day is roughly a well every six weeks out of internal sources ; the Cooper doesnt have the rigs to support STU doing that (Innaminka, Beach, VPE etc all need to use them sometime).

Alternatively, you can save your pennies, and then take a 10% stake in someone like Pancontinental.

Or you could just give it back to the shareholders.

I'm expecting dividends in 2004-5.

Five cents a share is $3m for the company, or 2 months net free cash flow, assuming Worrior and Acracia at 1200 bopd each.

If Panning comes through with, say, 80 bcf gas (and I think Panning will get drilled in the second quarter of next year), then you can double the projected cash flow.